Surprise good news as government borrowing less than half forecast
Not since July 2021, in the midst of the COVID-19 pandemic, was state borrowing so low, according to data from the Office for National Statistics (ONS).
Increases in tax and national insurance receipts meant public sector net borrowing was £1.1bn in July.
That's less than half the figure (£2.6bn) expected by economists polled by the Reuters news agency.
But borrowing was still £6bn higher in the first four months of the financial year, which started in April, than the same period in 2024.
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